Mattamy Group Corp.'s Proposed $450 Million And C$200 Million Senior Unsecured Notes Due 2025 Rated 'BB' (Recovery: '3') - S&P Global Ratings’ Credit Research

Mattamy Group Corp.'s Proposed $450 Million And C$200 Million Senior Unsecured Notes Due 2025 Rated 'BB' (Recovery: '3')

Mattamy Group Corp.'s Proposed $450 Million And C$200 Million Senior Unsecured Notes Due 2025 Rated 'BB' (Recovery: '3') - S&P Global Ratings’ Credit Research
Mattamy Group Corp.'s Proposed $450 Million And C$200 Million Senior Unsecured Notes Due 2025 Rated 'BB' (Recovery: '3')
Published Sep 19, 2017
3 pages (1127 words) — Published Sep 19, 2017
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

SAN FRANCISCO (S&P Global Ratings) Sept. 19, 2017--S&P Global Ratings today assigned its 'BB' issue-level rating and '3' recovery rating to Mattamy Group Corp.'s proposed $450 million senior unsecured notes due 2025 and C$200 million senior unsecured notes due 2025. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery for bondholders in the event of a payment default. We expect that the company will use the proceeds from these issuances to fund a cash tender offer for its existing 6.5% senior unsecured notes due 2020 and 6.875% senior unsecured notes due 2020. For a more detailed view of our credit opinion, please see our most recent research update on Mattamy, published Dec. 6, 2016, on

  
Brief Excerpt:

...Primary Credit Analyst: Christopher M Andrews, San Francisco (415) 371-5092; christopher.andrews@spglobal.com Secondary Contact: Thomas O'Toole, New York 212-438-7297; thomas.otoole@spglobal.com...

  
Report Type:

Ratings Action

Issuer
Mattamy Group Corp.
GICS
Homebuilding (25201030)
Sector
Global Issuers, Structured Finance
Country
Canada
Region
Canada
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Mattamy Group Corp.'s Proposed $450 Million And C$200 Million Senior Unsecured Notes Due 2025 Rated 'BB' (Recovery: '3')" Sep 19, 2017. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Mattamy-Group-Corp-s-Proposed-450-Million-And-C-200-Million-Senior-Unsecured-Notes-Due-2025-Rated-BB-Recovery-3-1917375>
  
APA:
S&P Global Ratings’ Credit Research. (). Mattamy Group Corp.'s Proposed $450 Million And C$200 Million Senior Unsecured Notes Due 2025 Rated 'BB' (Recovery: '3') Sep 19, 2017. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Mattamy-Group-Corp-s-Proposed-450-Million-And-C-200-Million-Senior-Unsecured-Notes-Due-2025-Rated-BB-Recovery-3-1917375>
  
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